Word: traylor
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Dates: during 1930-1939
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Today tall, iron-grey haired and handsome, George Ranney (along with many a socialite McCormick, Wendell. Morton. Palmer) has an apartment at No. 1260 Astor Street and plays middling and sometimes mildly profane golf with his friend Melvin Traylor of Chicago's First National, of which he is a director and member of the executive committee. But unlike many a Chicago tycoon who got drenched in the downpour of Depression odium, George Ranney has come through with his reputation unaspersed. Last week Mr. Ranney discreetly held his peace while Continental directors waited until the RFC's approval should...
Later in the summer, it became known that committees (under Banker Melvin Traylor for Northwestern and Packer Harold H. Swift for Chicago) had been appointed to study merger...
...beginning the bank allowed Mrs. Busby $2,000 a month. When it was cut to $1,250, an officer "asked me not to ask questions." Finally while in Europe Mrs. Busby was notified that the estate was a total loss. Back she came to see Mr. Traylor. The best comfort that he could offer was: "Well, Esther, you'll have to take it on the chin like the rest...
When President Traylor took the stand for the defense, he readily admitted that if the securities had been sold Mrs. Busby would have been far better off. But, he argued: "My guess was wrong. If any one can answer the question of when to sell and when not to sell, all the hazard will be taken out of the banking and investment business. . . . We thought the market would show an upturn and I still think that, with the situation as it was at that time, we should have held the securities for future sale. . . . Among the securities . . . were...
First National's chief defense was Mr. Traylor's defense-that it had merely made a bad guess. Last week with the case completed Probate Judge O'Connell was pondering his decision-sure to be widely read by all good bankers who made bad guesses...